GST collections crosses Rs 1.16 lakh crore in July

Here is a good news. Goods and Services Tax (GST) collections for July 2021 were Rs 1.16 lakh crore, 33 per cent more than the corresponding period of last year. According to figures released by Finance Ministry gross GST revenue collected in July 2021 are Rs 1,16,393 crore, out of which Central GST is Rs 22,197 crore, State GST is Rs 28,541 crore and Integrated GST is Rs 57,864 crore (including Rs 27,900 crore collected on import of goods) and cess of Rs 7,790 crore (including Rs 815 crore collected on import of goods). GST collections in July 2020 had stood at Rs 87,422 crore, while sequentially they had stood at Rs 92,849 crore in June this year. 

GST collection, after posting above Rs 1 lakh crore mark for eight months in a row, dropped below Rs 1 lakh crore in June 2021 as the collections during the month of June 2021 predominantly related to the month of May 2021," the finance ministry said in a statement. During May 2021, when the country had been severely hit by the second wave of the Coronavirus pandemic, many states were under partial or complete lockdown. With the easing out of Covid restrictions, GST collection for July 2021 has again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. The robust GST revenues are likely to continue in the coming months too," the ministry said.